I've stated repeatedly that a massive amount of stimulus has been required to generate GDP growth of just 2.0%-2.5% annually since the end of the Great Recession (June 2009). We have further said that the removal or reversal of some of these stimulants will be a tough hurdle for the economy to overcome. We therefore believe that we will remain stuck in an extended period of sub-par growth - a period characterized by Bill Gross as the "new normal."
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